“Within 15 years or less, the system will be financially bankrupt like most of the current entitlements are or will soon be."

He added that the law will be "one of the worst mistakes" and that the only way to fix it is to repeal the law.

"My approach is to say repeal the whole thing and start over. I think it is in philosophically, directionally, fundamentally flawed. The idea that the federal government is going to take into Washington, DC this chunk of our economy -- manage it, limit choices, limit options, create the oversight, regulate it, finance it, staff it -- I think will be 20 years from now one of the worst mistakes of the modern history of the country."